re: I don't understand inheritance tax

The inheritance tax is fricking incredibly stupid. The money has already been taxed and then they want to tax it again when it transfers. IMO one of the worst taxes we have.

quote:

---

If only it were that easy

---

I've been to three funerals over the past few months where the families were already at each other's throats over the inheritance, it's pretty damn sad.

My friend's SIL changed the locks on her dad's house when he was in the hospital with a terminal diagnosis over the weekend.

So people are just plain wicked.

i'm more concerned with taking the cap off SS.

The gloves come off when there is enough money involved and it happens more often than not.

quote:

---

The income cap?

Why?

---

because I am self employed and make substantially more than the current cap

I bust my hump every day at work and over 1/3 of my income is paid in taxes.

Johnny Moneybags won the sperm lottery and his trust fund gives him the same amount I make, but all his money is taxed at qualified rates, ad he's lazy and useless.

I hate estate taxes but I understand the desire to tax trust fund babies extra since all their "income" is at preferential rates. I don't agree but I understand.

We had to go through the estate process when my mother in law died. This was back when the limit was like 1 or 1.5 million dollars. You don't have to do much to reach that limit. She was by no means rich. She owned her own home, owned her own business, and died right before retirement and hadn't touched her retirement accounts. It was terrible to lose a loved one to cancer, then to turn around and have to retain both attorney and an accountant to settle the estate. It was a lengthy, painful process.

As other posters have stated, it is a tax designed specifically to make rich people poor and destroy small businesses. You don't have to have much of a small business to get to 3 million dollars. If you don't have the cash to pay the taxes, you're only alternative is to sell the business or borrow money. Its total bullshite and its double taxation. It's easily the most abhorrent tax they have. frick whoever came up with that shite.

Then you should want to keep it. Unless you want to pay more SS

quote:

---

Then you should want to keep it. Unless you want to pay more SS

---

I guess I should have elaborated more that am concerned and do not want the cap to be lifted.

The concept seems pretty crappy on the face of it, but it isn't exactly the government stealing people's family heirlooms.

quote:

---

I don't understand stand why money should be taxed if it's transferred between two people and the point of raising the tax.

---

This is literally every single tax.

Eta: I'm not supporting it. I'm just being a nitpicking a-hole.